Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Senomyx (NASDAQ:SNMX) jumped as much as 12.6% in early trading today after announcing a new partnership.

So what: Senomyx is partnering with PepsiCo (NYSE:PEP) to continue its Salt Taste Program, which is trying to identify modifiers to "restore the desired salty taste in products with reduced salt." Pepsi is funding the research and will have non-exclusive rights to salt flavor modifiers.  

Now what: Financial terms of this deal weren't disclosed so it's very hard to quantify the impact long term. It's also unknown what will be discovered in the program. At the very least, this is an incremental positive for Senomyx, but with losses piling up, I'd like to see earnings turn around or hear more about the financial upside of this Pepsi deal before jumping in.

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Travis Hoium has no position in any stocks mentioned. The Motley Fool recommends and owns shares of PepsiCo. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.